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July contracts for UK natural gas futures up over 20% to £114.810 per therm.
Negative comments about large profits by the media may be a blessing in disguise when it comes to buybacks.
Tactical press release.
Probably explains where we are, struggling to break £1.20. These markets really do suck at the moment, especially the LSE
Forgot the link.
https://thismon.ee/a/12191495
The owner of British Gas has been dubbed a 'pantomime villain' after telling investors it expects 'significantly higher' profits in its household supply business over the coming year.
Ahead of yesterday's annual general meeting, Centrica said in a trading update its performance so far this year 'has been strong overall'.
Full-year earnings per share for 2023 were set to be 'around the top end' of analysts' expectations.
A spokesman said: 'As always, uncertainties remain over the balance of the year including the impacts of weather, commodity prices, the economic environment, any changes to regulation or government policy, asset performance and the competitive backdrop for our energy supply businesses.'
Critics had pointed to the cost of living crisis facing millions of households over the past year, following Russia's invasion of Ukraine causing energy prices to spike.
Although shareholders may welcome the profit update, it will not impress many struggling households, said analyst Russ Mould at investment platform AJ Bell.
'The company is starting to resemble a pantomime villain,' Mould said, arguing the 'optics are particularly uncomfortable' given the firm has benefited from rule changes that allow it to reclaim losses from its capped prices.
'Unlike some utility suppliers, Centrica has been spared much pain during the energy crisis because it benefited from its wholesale business.
'Before 2022 the British Gas operation saw significant churn amid strong competition, yet much of that competition has now exited the market, putting Centrica in an enviable position.
'The question is whether political and regulatory pressure will intervene to upset the apple cart.'
It certainly will if Labour get elected next year.
1.3p per share increase in business valuation, after the departure of 2p per share cash from the business, to soon reach the accounts of shareholders.
Well ask yourself is a P/E of 5 for a Utility company low?
Super low...
...to hold or to sell? It's been a good rise.
Labour will do anything to get into power and won’t listen to the experts.
Great defence of the gas industry by Gary Smith GMB just now on radio4. His logic and presentation of relevant facts was first class - hopefully labour will listen...
Centrica will do well over the next year but will begin to stall getting closer to the general election, as we all know that a Labour government will always talk as if they're the answer to all the country's ill's before they get in but will always ruin the country during their tenure, the older you are you will remember what labour is all about "spend spend spend and more and more immigration", the young who vote for labour haven't got a clue I myself voted for Blair in 97 the biggest mistake of my life until you establish yourself in a career and perhaps invest in property and shares you think everything should be cheap or free. I will be getting nearer to my retirement when labour gets in, time for me to consolidate my money and hide it before the labour thieves get in and bring in new laws to legally still my savings with new taxes affecting only those who have diligently saved and invested over the years.
Nope back down we go again. What a horrendous market this is.
Time for another go today?
We will back over 120p very soon in my opinion
319,440,977 The volume
The market is horrible, constant sideways churn, nothing is moving at the moment except NASDAQ mega cap
8th of June ,ex dividend date,shares may drop a bit more.😩
Struggling to break and hold 120p at the moment
Target 140p
If they decide to cancel any of the shares held in treasury then there would be an RNS saying that they have done so, in the same way they informed about a transfer of shares from treasury.
''There has been no indication that they have been earmarked for cancellation.''
correct, but can be cancelled if chosen.
Shares in treasury can be used for 1.staff schemes /incentive plans -2. held until cancelled or 3.sold back into the market.
Their intention is to choose between 1 or 2 or both 1 and 2.
Mj
''Surely not all will be transferred to the share save scheme''
There has been no indication that they have been earmarked for cancellation.
Shares in treasury can be used for staff schemes/incentive plans or sold back into the market.
Should have said sharesave and not SIP’s.
The buybacks have nothing to do with the RNS that LTI pointed you towards. These share were accounted for year ago in anticipation of June 1st maturity of SIP’s.
Thanks for that info LTI. I missed that notification somehow.
But that still leaves Centrica plc currently holding 266,453,420 ordinary shares in treasury.
Surely not all will be transferred to the share save scheme.